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10 Things Everyone Should Know About Online Marketing 20 points posted over 3 years ago |
The Internet is not the rich goldmine that many people believe it to be. Not everyone can make a fortune operating online. Here are some of the things that you should know about online marketing. |
Businessmen love the Internet. And why not? It allows them to communicate with millions of prospects at a fraction of traditional marketing and promotions costs.
The latest estimates indicate that over a billion people worldwide have Internet access. How many bricks-and-mortar establishments can reach such a huge potential market?
In terms of actual sales, online retail sales in the US increased from $56 billion in 2003 to $101 billion in 2006, according to research firm eMarketer. No wonder so many companies are jumping on the Internet bandwagon.
However, take heed. The Internet is not the rich goldmine that many people believe it to be. Not everyone can make a fortune operating online. Here are some of the things that you should know about online marketing.
1.Online marketing is not for everyone
Some people still believe that simply having a Web site is a surefire way to success. They couldn't be more wrong. Legions of failed entrepreneurs have learned the painful lessons of this myth the hard way. However, there are a number of products that have fared well online and have spurred the boom in e-commerce in many markets worldwide. Among the most successful online businesses are those engaged in books, computer hardware, software, electronics, music, travel and office supplies.
2.You need a Marketing Plan to succeed
To succeed in online marketing, you should write, commit and invest in a marketing plan. Both small and large corporation need a plan that pinpoints goals and sets strategies for achieving them. Your plan should consider your place in the market and where you stand vis-a-vis your competitors. It should also identify your target audience, how you can reach them and how much you are willing to spend. Your marketing plan should also identify your long-term opportunities.
3.You need a good product to succeed
Marketing begins with the kind of product you will sell – it should be a good one. Even the best advertising or online promotions will not help if your product does fails to live up to consumer expectations. Ideally, everyone in your organization should know what it is that makes your product so great.
4.Your customers should perceive your product as something big
No, it doesn't mean selling something huge in size or price. It means your customers regard your product as something huge in terms of value, especially when compared to the competition -- something more impressive, more beneficial, more important or more fun to use. Your online marketing communications should position your product accordingly.
5. You should be prepared to sweat the little stuff
Pay attention to the small details of your business. In a bricks-and-mortar store, this means the way your people answer the telephone, deliver on their promises and anticipate what your customer needs. On the Internet, this means you pay attention to the way your Web site portrays your business, the way your employees answer e-mail and the way your products and company are represented online.
6.You should believe in your product
You should be the expert and should know everything you possibly can about your product. You should also know what your customers want and why your product does a better job of giving it compared to your competition. As the expert, you can speak intelligently and sincerely about your wares.
7.Search Engine Marketing works
If your Web site is popular with search engines, you will have more visitors and generate more sales. Focus on search engine optimization (improving your site's content, structure and backlink count), pay per click advertising (paying for sponsored search engine listings) and paid inclusion (paying for inclusion in a search engine's natural listings).
8.Your Web site is your virtual office
Most people would prefer to browse your business online rather than visit your lobby. Like your showroom or office lobby, your Web site should always make an excellent first impression because that is likely how your visitors will regard your business. Ideally, your site should be clean, unique looking, superbly designed, easy to use and, most importantly, can quick to provide what your customers need.
9.There are only three basic ways to make money online
Companies that offer products and services to customers earn income online through three basic ways: by selling their wares online, through advertising and through subscriptions. The first two are widely used, while the third is drawing some criticism since most online users are not keen on paying subscriptions.
10.Direct marketing works better on the Internet
The Internet has been hailed as direct marketing's medium of the future. In direct mail, for example, the Internet allows you to do away with envelopes, stamps and mailmen, and provides a more effective means of measuring a campaign's effectiveness. One study said direct marketing via e-mail accounts for 5% to 15% responses compared to snail mail's 1% to 3% response rate. You can also pinpoint your target audience easier on the Internet since Web sites have more clearly defined users compared to traditional advertising media. Aside from e-mail, online direct marketing can involve Web site-to-Web site selling, direct response advertising, online banner ads, "page you made" facilities on Web sites with memberships, through chat rooms or forums and other methods.
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